Brickwork Ratings Reaffirms 'BWR AA+' Stable Rating on Bank of Maharashtra's Tier II Bonds
Brickwork Ratings has reaffirmed the 'BWR AA+' (Stable) rating on Bank of Maharashtra's Basel III Tier II Bonds, totaling ₹2,000 crore. The reaffirmation on January 22, 2026, reflects strong GoI support, business growth to ₹5.95 lakh crore, and comfortable capital adequacy. Gross NPAs stood at 1.60% as of December 31, 2025.
A reaffirmed credit rating, especially at a strong level like 'AA+', is important for a bank's ability to raise debt and manage its funding costs. It reassures investors and stakeholders about the bank's financial health, but it is not a new development that would drastically alter the bank's operations or market position.
The reaffirmation of a strong credit rating by a reputable agency like Brickwork Ratings indicates financial stability and confidence in the bank's performance and future outlook, which is positive for the company.
Brickwork Ratings India Private Ltd. has reaffirmed its 'BWR AA+' (Stable) rating on Bank of Maharashtra's Basel III Tier II Bonds. The reaffirmation applies to four series of bonds with a total rated amount of ₹2,000 crore.
Specifically, the ratings cover INE457A08068 (Series -1, ₹200.70 crore, 7.75% coupon), INE457A08076 (Series -2, ₹205.00 crore, 8.00% coupon), INE457A08084 (Series -3, ₹100.00 crore, 8.00% coupon), and INE457A08092 (Series -4, ₹1000.00 crore, 7.86% coupon). All ratings were reaffirmed on January 22, 2026.
The rating rationale highlights the bank's strong support from the Government of India, with a 73.60% stake as of December 31, 2025. It also notes the growth in business size to ₹5.95 lakh crore, comprising ₹3.22 lakh crore in deposits and ₹2.73 lakh crore in advances. The bank's Capital Adequacy Ratios remain comfortable, with a total CAR of 17.06% as of December 31, 2025. Asset quality shows improvement, with gross NPAs at 1.60% and net NPAs at 0.15% as of the same date.
What to do with a filing like this
Bank of Maharashtra filed this with the NSE as a statutory disclosure, categorised under credit ratings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Bank of Maharashtra. Read the original for the full detail.